Digital asset firm Bakkt has withdrawn 25 of the 36 cryptocurrencies available on its recently acquired Apex Crypto trading platform.
A company spokeswoman told Cointelegraph on May 12 that the decision was “part of our regular coin listing review process”, and added that:
“The best interests of our clients and their consumers are our primary commitment, and our review process ensures that those interests are best served when we consider the most up-to-date regulatory guidance and industry developments.”
There are no further details at the moment, but most of the retired tokens are tied to popular decentralized finance ecosystems and non-fungible tokens.
Removed tokens include: Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Texos (XTZ), Uniswap (UNI), and Yearn Finance (YFI).
Bakkt announced plans in November to acquire the unprofitable Apex Crypto to gain a bigger foothold in the fintech market that Apex served. Apex Crypto, a so-called “turnkey” service, performs execution, clearing, custody, cost basis and tax services for 5 million clients through 30 fintech clients. Bakkt completed the acquisition in April for $55 million in cash and $145 million in shares.
Bakkt acquired a broker-dealer license from Bumped Financial in February, it disclosed in a financial statement.
In March, Bakkt shut down its retail-oriented app that offered cryptocurrency trading, loyalty rewards, and gift cards, saying it would focus on B2B operations. Bakkt then stated that it would provide cryptocurrency and loyalty to businesses through SaaS and API solutions.
Bakkt is majority owned by Intercontinental Exchange, which also owns the New York Stock Exchange. Its shares closed the day of May 12 with a fall of 7%.
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